Brent crude falls 0.9% to $103.36
- Brent crude fell 0.9% to $103.36 per barrel as concerns over Middle East supply disruptions eased.
- West Texas Intermediate declined 0.8% to $90.74, although Brent remained on course for a weekly gain.
- Markets reacted after U.S. President Donald Trump said the U.S. would not attack Iran before the November 3 elections amid ongoing negotiations.
Brent crude fell 0.9%, or $0.92, to $103.36 per barrel on Friday as expectations of reduced U.S.-Iran tensions eased immediate concerns over Middle East oil supplies.
West Texas Intermediate declined 0.8%, or $0.75, to $90.74 per barrel after oil prices had risen sharply during the previous session on geopolitical and supply concerns.
President Donald Trump said the United States was holding productive discussions with Iran and did not plan military strikes before the November 3 midterm elections.
Iran was reviewing a U.S. response to its proposal concerning the Strait of Hormuz, while Washington continued economic pressure through new sanctions targeting people, networks and 17 vessels linked to Iranian petroleum shipments.
The International Energy Agency also agreed to accelerate previously planned emergency oil-stock releases and prioritize diesel supplies, while approximately 1.3 million barrels per day of U.S. Gulf production remained offline because of Hurricane Isaias.
The Strait of Hormuz remains a significant supply risk because shipments through the route before the conflict represented about 20% of global oil and fuel flows, keeping prices sensitive to shipping conditions and diplomatic developments.
China’s expected resumption of refined-fuel exports after its Golden Week holiday could add supply to tight fuel markets, while the duration of Gulf of Mexico disruptions will depend on Hurricane Isaias and the speed of offshore production recovery.
